The dreaded Inheritance Tax
Having paid taxes all their life, many people – and you may be one of them – think it unfair
that any savings they’re able to pass to their children on death are taxed yet again.
And the saying “A little knowledge can be a dangerous thing” was never more apt than when
applied to the ways by which some people try to reduce death duties.
We often find clients who have been advised in the past to give their own home to their
children, even though the children no longer live with them.
Not only does such a gift rarely succeed unless very specific steps are correctly taken, but it
could result in an eventual double-tax charge.
A few years ago the law was changed to enable some widows or widowers to utilise unused
inheritance tax allowances from their late spouse, but this change was rather less generous
than the then Chancellor of the Exchequer would have us believe.
Married couples have always been able to use both of their allowances on death if they were
smart enough to have tax-efficient Wills drawn up.
But single or divorced people are no better off now than before the law was changed, and the
same may even apply to widows or widowers if their late spouse died many years ago.
At Michael Anvoner & Company we specialise in Wills and Inheritance Tax planning advice
We can explain to you in plain English how inheritance tax works and how it can often be
avoided by taking the right steps in your lifetime, not only on your own eventual death but for
future generations too.
We recognise that every person has a different set of circumstances and different priorities
We’ll go through suggestions which are relevant to your situation, showing how tax planning
can work, and what possible disadvantages have to be weighed against potential benefits.
Sensible tax planning in your Will and, if appropriate, by the use of lifetime planning, can
reduce or even completely eliminate inheritance tax for you and often for the next generation.
CONTACT US NOW, give us a call or fill in the contact form, and we’ll happily answer any
general queries you might have, or give telephone guidance. If you then feel a meeting would
be beneficial, we’ll be happy to arrange one.